Dogecoin is a satirical cryptocurrency that eventually loses all of its value and "shouldn't have truly gotten to this point."
That is the conclusion of a panel of 54 business experts assembled by the British price comparison website Finder for its most recent quarterly study of the bitcoin market.
When asked to forecast the value of the Shiba Inu-themed digital currency, which was introduced as a joke in 2013 but gained legitimacy last year thanks to Elon Musk, the CEO of Tesla, 55% of the panelists predicted it would go to zero. Only 21% of respondents anticipated a price increase, while 24% were unclear.
As a result of the buzz generated by Musk and other well-known figures with big social media followings, Dogecoin's value skyrocketed from less than $0.005 at the beginning of 2021 to a high of $0.76 in May of that year.
With a peak market worth of more than $85 billion, the token's extraordinary price growth earned it a spot in the coveted top ten list of cryptocurrencies.
However, Dogecoin soon started losing value and is now worth just $0.07, representing a still-generous market cap of $9 billion, while the broader market continued to appreciate until November 2021. The token has no clear use case in either the physical world or the metaverse, unlike the majority of other top-tier cryptocurrencies.
Literally, it's just a funny coin with a confused-looking dog on it.
According to Kevin He, COO of CloudTech Group, "We think that cryptocurrencies like Dogecoin—which are entirely pointless and the value is solely sustained by the community—will not grow value in the future."
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